BAKU, Azerbaijan, October 26. The European Bank
for Reconstruction and Development (EBRD) is financing the
construction of a 240 MW wind power plant in eastern Azerbaijan, a
source at the bank told Trend.
This project is expected to be the first utility-scale wind
power project in the country and the largest in the Caucasus
region.
The Bank has arranged a syndicated loan worth $197.1 million
(186.9 million euros) to ACWA Power Azerbaijan Renewable Energy,
the project company owned by ACWA Power, an international
developer, investor, co-owner and operator of a portfolio of
power-generation and desalinated water-production plants.
The project will be co-financed by the OPEC Fund for
International Development (OPEC Fund).
Once commissioned, the plant’s 240 MW of renewable energy will
generate up to 893 GWh of clean electricity annually. It is
expected to reduce carbon emissions by more than 400,000 tons
annually.
Will be updated